josh00[at]comcast.net wrote:

- quote -

If you are new to rentals, you should get a professional to
do your return, at least for this year.

Missy Doyle

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You don't deduct the mortgage payment but you do deduct the
mortgage interest. Your mortgage company should have sent
you a 1098 form with the mortgage interest for that
property. You can also deduct any other expense you had
related to this rental. Property taxes and insurance are
some of the most common rental expenses. Download (or
print) a copy of Schedule E and take a look at the expenses
that appear on this form. Don't forget depreciation on the
rental. Depreciation seems to baffle many people but if
your computer program is done correctly it should do it for
you almost automatically. Repairs can also be tricky, not
all repairs are repairs some are improvements. I'm not
familiar with turbotax and I never use the questionaire on
any tax program I usually just enter the information
directly on the form but I've be preparing taxes
professionally for 18 years.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

<josh00[at]comcast.net> wrote

- quote -

Nope, it's not the mortgage payment, it's the mortgage
interest, property taxes and insurance that's deductible
along with all your other rental expenses, like repairs,
utilities, advertising, etc

You claim depreciation on the purchase price (less the land cost) and that
is what accounts for your expense of buying the property.

- quote -

Yes, see above.

- quote -

It's getting late in the game, but read Publication 527.

http://www.irs.gov/publications/p527/ar01.html

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

New to rental income ... confusing in the turbo tax
questionaire ...

I claimed $15600 on rental income but I also had a 10800
mortgage payment for the year. It allowed me to claim
repairs, but it nev er asked me about mortgage I paid on the
rental? Isn't the net "income" rental income minus mortgage
payment? I can claim mortgage interest?

What can / can't you claim to offset income?

thanks

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >